General Ledger
Payments
1. Entering cheque books
In MYOB
– Select Banking (from top menu)
– Spend Money
– Type in CHQ # with 0 at the front (ie, whole chq #)
– Date
– Amount
– Payee= name on butt (these may already be on card file, may have * in front of name though) * = those suppliers which receive handwritten cheques
– Payee MUST be a SUPPLIER
– Use memo for explanations of items
– Allocate to an account number – adjust the Tax column to show N-T (no tax)
– Allocate the GST to account number 2-1330 (for suppliers) – adjust the Tax column to show N-T (no tax)
– Record
– To look up a cheque number, use Journal at the bottom of the page
* If it is petty cash the payee is BAAG. Check whether the product has GST eg. Milk has no GST (in the Tax column click on Fre)
Stamp POSTED on each cheque once entered.
Entering Amex and Diners charges
– Use bank entry on bank statement to calculate Amex and Diners charges. Amex & diners charges will appear gross amounts on the bank statement.
– Calculate the difference b/w Gross amount and Banked amount and write on bank statement
– Select Banking (from top menu)
– Spend Money
– Type in RAmex or RDiners in the cheque number section
– Date
– Amount
– Payee = Amex or Diners bank fee
– Allocate to 6-1210 account number – adjust the Tax column to show N-T (no tax)
– Allocate the GST to account number 2-1330 (for suppliers) – adjust the Tax column to show N-T (no tax)
– Record
Entering the cashbook
At the end of the cashbook week separate and collate the week’s EFT slips, register readouts and returns. Put the Z2 reg readout on top of each registers weekly printouts.
–
MYOB
1. Enter the registers sales
Click on “Enter Sales”
For Customer, type in “cash register sales”
Click on “Use recurring”, choose Sale, cash register sales
Enter the date as the cashbook week end date
The invoice number will be automatic. Enter the register number in the Customer PO section ie R1
Enter the weekly sales totals and discount for each register from the Z2 readouts, double check the figure matches the total
Click on Record
Enter R4 sales as lump sum from the weekly cashbook summary
Use Item: 13 to enter the R4 takings – Enter N-T in the tax column
Use item: 12 to enter the Reg errors for the week – – Enter N-T in the tax column. Record
Enter returns from weekly cashbook summary
Enter Sales
For Customer type in: cash register sales
Use recurring, choose Return, cash register sales
Invoice number is automatic, Enter “Returns” in the customer PO section.
Enter the weekly return amounts in each item line
Record
Enter register errors from weekly cashbook summary
Enter Sales
For Customer: cash register sales
Invoice number is automatic, Enter “Reg Errors” in the customer PO section
R1+R2+R3 total errors – enter as item 12
Enter N-T in the tax column. Record
2. Enter the registers payments
Receive Payments
MYOB will ask you if you want to apply credits. Open register and apply the credits to your sales
Customer: cash register sales
Id# reg
Enter the date of the cashbook payments you are entering
Enter the amount
Add a Memo: armaguard/ pay in book /eft /amex /diners
Record
Repeat for each day
Weekly bank reconciliation
Do one week at a time
Enter all cheques from cheque book
Enter cashbook for the week
Bank statement date (end of week – Wednesday)
New statement balance – as per bank statement
Sort to id # (helps to find transactions quickly)
Work through bank statement deposits and withdrawals by Clicking an “x” in the MYOB column as they appear. Mark them off the statement with a pen.
Check $ amount are correct
If error in $ amount – click on white arrow and change $ amount
Once all transactions are checked off, check that the Out of Balance is zero
Once done, click on the weeks R4 payments. Make sure the amount corresponds to the R4 weekly takings figure from the cashbook.
Go to Receive money
Id: REG
Date – is the cashbook week end date
Memo: R4 weekly adjustment
Allocate full amount to sales clearing 4-1900
Return to Reconcile Accounts
Double check the Out of Balance amount is zero
Print report (only @ month end)
Click reconcile
Reconcile
Reconcile sales clearing (4-1900)
In MYOB
Got to Find Transactions, click on Account 4-1900
Enter the date range for the full month
The Net change amount should be less than $300.00
Go to Accounts, Record Journal Entry.
Find the recurring transaction REALLOCATION SALES CLEARING
Allocate the amount to nursery sales separating the GST, as with entering a cheque of Amex fee.
Profit and Loss Statement
Eg June 200
Gen JNL
Enquiries reg
30/6/00-30/6/00
nursery purchase
seedling
Don’t worry about this to bottom of page – it is done by Peter Howey
Reverse last months accrual
Set up
Preferences
Security
Tick in transactions cant be charged must be reversed
General ledger
Transaction JNL
select last months dates
scroll down page to display last months accrual
click on grey arrow
Edit
Reverse G/J transact
Change date to first of following month
Set up preferences
Security
Undo tick in changed transactions
Current month accrual
General ledger
General journal
Memo: accrual dec 99 expenses
In jnl entry record details off payment schedule
Balance entry to trade creditors (must equal balance on payment schedule)
Record
Post Dep’n entry
General ledger
Journal entry
Use recurring
Dep’n entry – double click
Change date
Record
Check all expenses + sales categories for misallocations
A. Sales categories
G/L
Inquiry register
A/C
Check ending bal
Check to YTD total Lily report
NB: nursery sales may be up to $200 different
B. Expenses
G/L
Inquiry reg
A/C blue tag
Check each A/C in order
Click on any wrong allocations and adjust.
Enter stock adj to come up with assumed gross profit %
Print reports
General ledger
Reports
B.
Profit and loss (with YTD) + p/l (last years analysis month)+ P/l (last year analysis for ytd)
Select month
Ok
Print
C.
Balance sheet
Select month
Ok
Print
D. send copies of balance sheet and 3 p/l reports to both merri and bruce at home by email.
Display P/L (YTD) on screen
Multiply total income x (1-GP%) less cartage
Subtract from total cost of sales
Adj stock adjustment A/C
General journal – use recurring
Display P/L on screen to check P/L gross profit %
Gallery commission GST Adj
BAS preparation
Check account allocations
Check for suppliers not charging GST, especially in pots + gifts purchaces
Gallery – consignment sales adj
Enter items on BAS per pg 30/31 of instruction guide – MYOB figures for GST collected + paid – totals are ok
Print GST summary from MYOB reports for filling in additional info.